Events Explore Impact of New CFPB Rules

A series of conference calls are being held to help executives get their arms around the thousands of pages of mortgage rules recently issued by the Consumer Financial Protection Bureau.

Among the barrage of final rules recently released by the regulator are the ability-to-repay rule, a final rule on appraisals for higher-priced mortgages, final servicing rules and the loan originator compensation rule.

The new rules are required under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. They involve amendments to Regulation Z, which implements the Truth in Lending Act, and Regulation X, which implements the Real Estate Settlement Procedures Act of 1974. Most become effective in one year.

The American Bankers Association announced a telephone briefing series, A Whole New World: CFPB Re-Draws the Mortgage Regulatory Landscape, that will focus on how the new rules will impact mortgage lending products, operations and compliance programs.

The ABA says that the series is targeted at chief lending officers, operating officers and information officers as well as compliance officers and risk managers.

The first briefing, Understanding the Big Picture: Overview of CFPB Mortgage Rulemakings, is a two-hour summary of six recently issued CFPB rules. The Jan. 25th event will highlight how the rules impact mortgage operations at banks with a special emphasis on the ability-to-repay requirements. Event speakers include two former financial regulators.

While the first event is free and exclusively for ABA members, subsequent events will cost $255 for members of the trade group and $385 for non members. The events include one phone connection at one location.

Registration for the events will be posted at ABA.com.